NEW DELHI (India CSR): In this insightful conversation, we explore the CSR journey of L&T Finance Holdings Ltd through the lens of Apurva Rathod, the Company Secretary and Chief Sustainability Officer. According to her, L&T Finance is a firm believer in the pivotal role of businesses in tackling societal and environmental challenges. Apurva Rathod elaborates on the company’s CSR philosophy, highlighting its commitment to sustainable development and social welfare.
Edited excerpts:
India CSR: What is your vision and mission regarding CSR?
Our vision is financial and digital transformation of rural communities and creating opportunities for sustainable livelihoods for them thereby creating a positive change. In line with this vision, our mission is to revitalize and create a sustainable livelihood and financial ecosystem of and for farmers, rural women and youth. We aim to promote social well-being and environmental stewardship through innovative, impactful, and scalable CSR initiatives. We follow the 3S principle i.e. identifying scalable projects have social impact and create sustainability.
India CSR: Could you please outline the primary areas or sectors in which L&T Finance’s CSR initiatives are focused?
L&T Finance, as part of its core CSR initiatives, focuses on certain key areas to make a positive and lasting impact. One such important aspect is Digital and Financial Inclusion, where L&T Finance aims to create awareness amongst underserved communities about financial services and digital technologies. By bridging the digital divide and enhancing financial & digital literacy, the Company helps empower rural communities especially women thus promoting inclusive growth.
Another essential area of focus is Disaster Management, where L&T Finance contributes to relief efforts during natural calamities by providing resources, support, and immediate assistance to affected communities. Additionally, L&T Finance undertakes various other Initiatives that address social issues such as healthcare, road safety and horticulture plantations for environmental sustainability. Through these core CSR initiatives, L&T Finance strives to create a more equitable and sustainable society for all
India CSR: What specific CSR projects or programs has LTFS undertaken in FY 23, and what have been the outcomes or impacts achieved of all CSR programs?
Under Digital and Financial Inclusion, we recognise the power of digital technologies in driving inclusive growth both in urban and rural areas. Our initiative of “Digital Sakhi” aims to bridge the digital divide, empower individuals with digital literacy skills, promote micro-entrepreneurship opportunities for women, converge social entitlement schemes and enhance access to financial services specially amongst rural women in rural areas.
So far, our journey has been very interesting and we have witnessed that the projects have made a profound impact in empowering women as successful entrepreneurs. Moreover, the project has significantly increased women’s participation in Panchayat elections, allowing them to voice their opinions and contribute to local governance. Additionally, the establishment of Digital Seva Kendras has played a pivotal role in enhancing women’s sustainability by providing them with a platform to deliver digital services, resulting in increased income and financial stability.
In FY23, we have touched over 11 lakh community members, providing them with essential financial services through digital and financial literacy. We have successfully empanelled over 400 new Sakhis in new geographies, specifically in Karnataka and Kerala. Additionally, more than 1 lakh community members were connected to various social entitlement schemes, ensuring better access to government benefits.
Notably, there was a commendable 12% increase in the adoption of digital payments among the community members, promoting a cashless economy and enhancing financial inclusion.
Furthermore, the initiative has identified and trained over 5000 women entrepreneurs on essential skills for entrepreneurship, fostering economic empowerment and sustainable development in the community.
In our other CSR initiatives, we extend our hands in responding effectively to natural disasters. Through our initiatives, we provide relief and rehabilitation, and aid in the rebuilding process. Our goal is to minimise the impact of disasters and help affected communities recover and rebuild their lives. In addition to the above thrust areas, we undertake various other initiatives based on the evolving needs of society. These initiatives include time to time road safety programs and health care initiatives as well.
India CSR: Can you share information about any partnerships or collaborations with NGOs, governmental bodies, or other organizations for CSR projects, and how these partnerships have contributed to the success of the initiatives?
L&T Finance believes in the power of collaboration and partnerships to achieve greater impact and scale in their CSR projects. The company actively engages with NGOs and government bodies to leverage their expertise, resources, and networks.
These partnerships allow L&T Finance to tap into the grassroots knowledge and experience of NGOs, enabling them to work on most pressing social issues and implement targeted interventions. Collaboration with government bodies ensures alignment with national development priorities and facilitates effective implementation of CSR initiatives. Through these partnerships, L&T Finance has been able to effectively address critical societal challenges.
By pooling their resources, knowledge, and networks, we have jointly achieved impactful outcomes and expanded the reach of the initiatives. For example, through partnerships with NGOs, L&T Finance has successfully implemented its flagship program of Digital Sakhi for improving digital and financial literacy in 7 states, 16 districts, over 1,000 villages reaching out to over 30 lakh community members.
The partnerships have played a significant role in enhancing the overall impact and scale of L&T Finance’s CSR projects. Our commitment to partnerships in CSR projects demonstrates our dedication in making a positive difference in society and promoting sustainable development.
India CSR: In what ways does LTFS engage with stakeholders, including customers and shareholders, to gather input or feedback on CSR priorities and projects?
We place great importance on engaging with stakeholders, including project beneficiaries, to gather inputs and feedback on the CSR projects. The company recognizes that involving stakeholders in the decision-making process leads to more effective and impactful initiatives. We employ multiple strategies to engage with stakeholders throughout the project lifecycle.
Firstly, we conduct regular baseline surveys which include focus group discussions to gather inputs and perspectives from beneficiaries. These interactions help us to understand the geographic specific needs, challenges, and aspirations of the communities.
Secondly, we ensure that the feedback shared by the stakeholders including the beneficiaries are incorporated in the design of the project. Additionally, during the phase of the project implementation, we keep an open line of communication with stakeholders, encouraging them to provide feedback through the formation of Community Advisory Committees (CPCs).
We also engage with Government stakeholders and organize State and District level workshops to involve them in the implementation of the programs.
Lastly, the system of grievance redressal mechanism has also been introduced in every project to ensure regular feedback from the beneficiaries and other stakeholders.
This stakeholder engagement approach not only empowers our project beneficiaries but also strengthens the accountability and transparency of L&T Finance’s CSR projects.
India CSR: What is your Company’s long-term CSR vision?
A: We have laid out an ambitious long-term CSR roadmap for 2026 and intent statement for 2030, aligning it with our business strategy and relevant SDGs. With this long-term plan, we aim to collaborate with various stakeholders, including government bodies, NGOs, and communities, to address societal & environmental challenges effectively for creating a positive social impact and fostering sustainable development.
(India CSR)
